XTX Topco Ltd Invests $2.55 Million in Cadence Design Systems, Inc. (NASDAQ:CDNS)

XTX Topco Ltd acquired a new position in Cadence Design Systems, Inc. (NASDAQ:CDNS) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,284 shares of the software maker’s stock, valued at approximately $2,549,000.

A number of other institutional investors have also recently added to or reduced their stakes in CDNS. Vanguard Group Inc. increased its position in Cadence Design Systems by 1.8% during the first quarter. Vanguard Group Inc. now owns 24,940,556 shares of the software maker’s stock worth $7,763,496,000 after buying an additional 437,101 shares in the last quarter. Jennison Associates LLC boosted its position in shares of Cadence Design Systems by 6.9% in the first quarter. Jennison Associates LLC now owns 7,085,526 shares of the software maker’s stock worth $2,205,582,000 after buying an additional 459,603 shares during the period. Van ECK Associates Corp grew its position in Cadence Design Systems by 10.5% in the second quarter. Van ECK Associates Corp now owns 2,195,714 shares of the software maker’s stock valued at $675,731,000 after acquiring an additional 209,301 shares in the last quarter. Nordea Investment Management AB grew its holdings in Cadence Design Systems by 7.7% during the 1st quarter. Nordea Investment Management AB now owns 2,040,581 shares of the software maker’s stock valued at $636,172,000 after purchasing an additional 145,351 shares in the last quarter. Finally, Swedbank AB grew its stake in shares of Cadence Design Systems by 7.8% during the second quarter. Swedbank AB now owns 1,523,142 shares of the software maker’s stock valued at $468,747,000 after acquiring an additional 109,662 shares in the last quarter. Hedge funds and other institutional investors own 84.85% of the company’s stock.

Cadence Design Systems Stock Performance

NASDAQ:CDNS opened at $269.69 on Thursday. The company has a quick ratio of 1.32, a current ratio of 1.43 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average price of $271.06 and a 200 day moving average price of $290.86. The firm has a market capitalization of $73.47 billion, a PE ratio of 70.23, a price-to-earnings-growth ratio of 3.19 and a beta of 1.02. Cadence Design Systems, Inc. has a 12-month low of $227.05 and a 12-month high of $328.99.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings results on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the prior year, the company earned $0.94 EPS. Cadence Design Systems’s revenue for the quarter was up 8.6% on a year-over-year basis. Research analysts anticipate that Cadence Design Systems, Inc. will post 4.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the completion of the sale, the director now directly owns 46,551 shares of the company’s stock, valued at approximately $14,643,548.07. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Vincentelli Albert Sangiovanni sold 1,500 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $314.57, for a total value of $471,855.00. Following the sale, the director now directly owns 46,551 shares in the company, valued at $14,643,548.07. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction on Monday, July 1st. The shares were sold at an average price of $305.84, for a total transaction of $3,058,400.00. Following the completion of the sale, the vice president now owns 95,408 shares in the company, valued at $29,179,582.72. The disclosure for this sale can be found here. Insiders sold a total of 36,772 shares of company stock valued at $10,419,392 over the last ninety days. Insiders own 1.99% of the company’s stock.

Wall Street Analyst Weigh In

CDNS has been the subject of a number of research analyst reports. Piper Sandler upgraded shares of Cadence Design Systems from a “neutral” rating to an “overweight” rating and set a $318.00 price target for the company in a research note on Tuesday, August 6th. Needham & Company LLC reissued a “buy” rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Robert W. Baird reduced their target price on shares of Cadence Design Systems from $341.00 to $338.00 and set an “outperform” rating for the company in a research note on Tuesday, July 23rd. KeyCorp boosted their price target on Cadence Design Systems from $350.00 to $355.00 and gave the stock an “overweight” rating in a research report on Thursday, June 27th. Finally, Rosenblatt Securities reiterated a “neutral” rating and set a $280.00 price objective on shares of Cadence Design Systems in a research note on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $334.56.

About Cadence Design Systems

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.